Taxi Market

The global taxi market refers to the industry that provides transportation services through taxis or cabs for passengers. Taxi is a type of vehicle leasing service, which involves hiring the service of a driver along with the vehicle. Taxi service can be used by single or multiple passengers on the basis of sharing and non-sharing option. It moves people between locations of passenger choosing. In contrast to public transportation, a passenger who chooses a taxi has a choice to select the pick-up and drop-off locations. It is appropriate for travelers with time constraints.

The global taxi market is consistently growing due to rise in rapid urbanization across the globe and increasing business travel & tourism. Furthermore, adoption of electric and autonomous vehicles is likely to present a growth opportunity for the players in the market.

The global taxi market is projected to grow at 6.2% CAGR during the forecast period, 2023–2030. In 2022, the global taxi market was dominated by Asia-Pacific with a 42.2% share, followed by Europe and North America with shares of 29.2%, and 19.4% respectively, while developing countries such as India and China are projected to showcase substantial growth throughout the forecast period.

The global taxi market has been segmented based on booking type, vehicle type, service type, and region. Based on booking type, the global taxi market has been segmented into online booking and offline booking. The online booking segment is estimated to grow at 6.4% during the forecast period.

Based on vehicle type, the global taxi market has been segmented into motorcycles, cars, and another vehicle. The cars segment is expected to grow at 6.3% during the forecast period.

Based on service type, the global taxi market has been segmented into ride-hailing and ridesharing. The ride-hailing segment is expected to grow at 6.3% during the forecast period.